HE vs QXL: Correlation
Measured on weekly returns over the past three years, Hawaiian Electric Industries, Inc. (HE) and Quantum X Labs Inc. (QXL) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HE and QXL?
On 3 years of weekly data the HE/QXL correlation comes out at 0.53, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.00 versus 0.53 over 3 years. The 5-year figure is 0.35, and annualized covariance runs at 22491.3 %².
Among the 18 assets we track against HE, QXL ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QXL outperformed by 62.7 percentage points (-9.1% for HE against +53.6% for QXL). One caveat on sizing: QXL is 12.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
HE vs QXL: side by side
| HE (Hawaiian Electric Industries, Inc.) | QXL (Quantum X Labs Inc.) | |
|---|---|---|
| 1-year return | -9.1% | +53.6% |
| 5-year return | -71.4% | +14.0% |
| Volatility (ann.) | 58.8% | 724.3% |
| Beta vs S&P 500 | 0.09 | -2.23 |
| Max drawdown (3Y) | -53.3% | -96.2% |
| Market cap | $2.0B | $0.1B |
| P/E (trailing) | 8.9 | 13.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HE | QXL |
|---|---|---|
| 2022 | +4.3% | -78.8% |
| 2023 | -64.6% | -80.2% |
| 2024 | -31.4% | +1032.7% |
| 2025 | +26.4% | -70.1% |
| 2026 | -6.8% | +207.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HE and QXL good diversifiers for each other?
Only partially. A correlation of 0.53 means HE and QXL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between HE and QXL?
As of 2026-08-27, the correlation of weekly returns between HE and QXL is 0.53 over 3 years, 0.00 over 1 year and 0.35 over 5 years.
Is QXL a good diversifier for HE?
Only partially. A correlation of 0.53 means HE and QXL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 mean?
A reading of 0.53 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/he-vs-qxl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/he-vs-qxl/)
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Related comparisons
Hubs: HE correlations · QXL correlations
